The IPO comprises sale of 9.6 crore shares by the government, besides a fresh issue of 2.4 crore shares. Thus, a total of 12 crore shares of NIA are being sold through the share sale offer, constituting around 14.56 percent of the company's post issue share capital.

The price band has been set at Rs 770-800 per equity share.

At the upper end of the price band, the IPO will fetch Rs 9,600 crore.

New India Assurance, the country's largest general insurance company, has assets of over Rs 69,000 crore and has been growing at CAGR of over 15 percent for the last five years.